Solve the problem.
-Find the gasoline price index for a year in which the cost of gasoline was $0.82 per gallon. Use the 1965 price as the reference value. In 1965, the cost of gasoline was 31.2 cents per gallon.
A)2.6
B)38
C)262.8
D)50.8

Question

Quizplus · Accepted Answer

The gasoline price index is calculated by dividing the cost of gasoline in the year of interest by the cost in the base year (1965) and then multiplying by 100. So, for a year where gasoline was $0.82 per gallon, the index is ($0.82 / $0.312) * 100 = 262.8.

Solve the Problem. -Find the Gasoline Price Index for a Year in Which